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Stock Market & Financial Investment News

News Breaks
January 28, 2013
16:40 EDTVMWVMware cutting 900 jobs, sees total restructuring charges $90M-$110M
VMware disclosed in a regulatory filing that on January 25, VMware approved a plan to streamline its operations. The plan includes the following components: the elimination of approximately 900 positions and personnel, expected to result in a charge in the range of $70M to $80M; a planned exit of certain lines of business and consolidation of facilities, which are expected to result in a charge in the range of $20M to $30M. The plan is expected to be completed by the end of 2013. The total charge resulting from this plan is expected to be between $90M-$110M, with total cash expenditures associated with the plan expected to be in the range of $80M to $90M.
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